2011 Hampton Roads Real Estate Market Review - College of ...

MANAGEMENT
There were over 470 conventional apartment communities with more than 50 units surveyed in the Hampton Roads
region in October. Of the 92,000 apartment units surveyed, the top five firms manage nearly one-third of these units.
TABLE XI Top 10 Management Companies
S.L. Nusbaum
Great Atlantic
Drucker & Falk
Lawson Companies
Breeden Management
WMCI
Kotarides Companies
Ripley-Heatwole
Harbor Group
Perrel Management
0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10%
REGIONAL TRENDS
Roanoke
Roanoke has fewer than 10,000 conventional apartment units among communities of at least 30 units. Roanoke’s apartment
market coped better than most markets during the past recession. This was due in large part to the fact that there
has been minimal new apartment development in Roanoke over the past several years which has kept the rental supply at
a manageable level. Occupancy rates in 2010 were 93.5% with rent growth of just under 2% for the year.
Richmond
Richmond has over 60,000 conventional apartment units within communities of at least 50 units. The area’s apartments
hit bottom in the fourth quarter of 2009 and first quarter of 2010 when occupancies fell to 90% and rents declined by
3.5% for the year. Since that time Richmond has seen a strong resurgence in rental demand and occupancies reached
nearly 93% by August of 2010. Rents also showed strong growth in latter half of 2010 with rents now averaging $823.
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